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in the thekd quarter shrank by a more than expected quarter. a lot like u.s., ended up with minus 6 and change from a revised number. hey, we don't have any buybacks until tomorrow. the first of september we'll get a buyback, especially after steve had those great moments with the new york fed governor, dudley. of course, monday nany market participants still say that issuing of debt is a monetization. many don't understand why they don't admit it. as far as the market today, it is trying to annticipate both ap and friday's jobs report. jobs are king. mark haines, back to you. >> santelli, thank you. >>> sell-off in asia overnight which is now impacting us. china's shanghai composite led the pack to the downside dropping 6 3/4%. that is a three-month closing low. the month of august, chinese stocks dropped more than 21%. their second biggest monthly loss in 15 years. hong kong's hang seng lost about 2%. japan's nikkei down .4. after jumping more than 200 points earlier in the session. guy johnson, things a little rocky in europe? >> yes, to say the least, mark. that china story certainly havin
of stuff positively going to impact us even further. >> on this better than expected issue, the expectations were so dire. we were talking about the depression-like scenarios. it's easy to be better than expected these days, isn't it? >> yeah. the hurdles are going to become higher. we're also getting to a point where the reports will be good. the sim report, next one might be 50%. we're going to need that, you're right, mandy. but i think that's where we are headed. i just think that rather than get spooked out of a 5% or 10% correction and miss another 30%c move, i prefer to stay focused on what it could do in the next couple of years. >> we never talked about brett favre, either. congratulations in advance of that super bowl. >> we're going to win that super bowl even if we've got to wear green and gold. >> jim, rich, thanks, guys. make sure you join us tomorrow. "squawk on the street" is up next. >>> this is cnbc.com news now. >> bboeing shares are higher. first time claims for jobless benefits fell to the first time last week to 570,000 considering the claims fell four
capital money markets. bill, good to have you with sglusz good morning. >> i'm not sure whether he used the word particularly business pertaining to business in china or used the word strong. either way, is that something significant or something that, hey, it's stimulus related, you kind of discount it? >> i think there's two things. one other thing you like to hear from hewlett is that they're doing well overseas because you have local brands. the good news out of china is good for hewlett. we thought it was good overall. we think there's some execution, some execution positives built into that as well. >> so you have faith in management, with we should buy the stock? >> yes. we say that going into earnings. longer term, we do believe in the story, we do believe in the stock as well. the stabilizing demand is confirmation that investors were looking for. we think they're very well positioned competitively in mumt the geographies and services test as well. we like the positions of each competitively. >> what about on the -- there's this issue with kind of individual versus companies. h
, 1% at best compared to 3%. i think it will double dip. the biggest problem is the u.s. consumer, shopped out, saving less. that's going to be the main driver for the economy. con suffsumption being 7% of gd. we had a major boost to personal income because of tax cuts, right? that's essentially had no affect on consumption. it was negative. what's going to happen now that a thaax rebate is gone and july sales look bad. the back-to-school season was awful. where is the growth of the economy coming from? that's the question we're asking. >> always good to see you. thanks for coming in for a couple of hours. make sure you join us tomorrow. "squawk on the street" is coming up next. >>> this is cnbc.com news now. >> u.s. trade deficit came in at just over $27 billion in june. a slightly smaller trade gap than economists were expecting. retailer macy's earned 20 cents a share for the latest quarter, excluding one-time items. five krecents above estimate. >>> mortgage applications fell 3 1/2% last week. that was led by a drop in refinancing as average mortgage rates edged higher. that's
on the markets, dragging us down and stoxx 600 is up by 0.5% at the moment. let me talk about the data points out today. uk inflation is very, very stick y it's still positive, one of the on the advanced economies that still have economy at 1.8. you strip out mortgages that number goes negative. the survey out of europe very positive as well. making pointing to a positive g3 for the german economy. that's the economy, back to you. >> up next, retail reports from saks, home depot, target, all brighter this morning putting back to school back in the spotlight. rebecca jarvis rounding out the results for us. >> the fabary report, climbing the mountain of debt. the word on the street and buzz beyond volatility tuesday. is the pullback over or we going to fall into a two step down, one step up kind of pattern? we'll be right back. >>> welcome back. we're seven days into back-to-school prime season, a number of retailers reporting stronger than expected quarterly results. but there's a caveat, one we heard throughout this earnings season. this isn't about sales growth or return of the consumer, instead
is is bringing it higher as opposed to the top line continues to be soft. and the banks in focus, give us a bit of a tail wind. we saw the european banks, barclays put in better than expected earnings. ubs not likely to pay a fine in c . brian shactman over at the nasdaq, big changes on the aing board. >> eric schmidt, ceo of google stepping down from the board. the fcc looking into the rejection of a google app to the iphone. both stocks up in premarket trade. i want to talk about bear issues over the weekend. ebay up 4 1/2% on the baron's. says there's room to run with the stock. especially if teams are compared to amazon.com. they say 30% to the upside in the next year. also, tech trader talk says microsoft the deal is good for both. yahoo! long-term revenue, positive. microsoft gets a much better deal than they could have gotten a year ago. pharmaceuticals are off the lows. they rejected their gout drug. wall street surprise bid that. ubs price target at $55. $51.57. quickly talk about consults, whole host of issues. chairman and ceo steps down. restating earnings. just dealing with a lot o
.8%. japanese market is up 40% from march lows. traders saying any drop in the chinese market would be used to take profits in tokyo. hong kong, hang seng finished higher. shares of china mobile fell after announcing a 1.6% drop in quarterly earnings. after the bell, second quarter net profit came in better than expected. net interest income, however, fell from the year before. that's it from asia. sending it back to you. >>> up next, we've seen the softer side of sears and it's this quarter's results. mary thompson will take us inside the numbers in moments and preview gap, which is due out after the bell today. >> and the faber report, david will have more on sears and perhaps one of its big investors. and the word on the street and the buzz beyond. s that jobless number, is this really going to stop the rally or not? we'll find out. we'll be back. i'm racing cross country in this small sidecar, but i've still got room for the internet. with my new netbook from at&t. with its built-in 3g network, it's fast and small, so it goes places other laptops can't. i'm bill kurtis, and wherever i g
. this is the adp report on private payrolls. mine with us 371,000. economists had expected 350,000. it's the best number we've had since october since the change here. 467,000 is the estimate for private and payroll losses -- private and government losses for the bls report which comes out this friday. let's look at the year over year -- maybe we're not going to look at that, but you have a sharp decline and pretty sharp improvement. this is -- we were doing 700,000 job losses at the worst level here in the month of march. looking at it by company size, small businesses 138 those, medium 160, and large businesses 74,000. the kind of industry. and what you see there is the goods producers still down again and they have been down for a very long time, but down less than they had been. the service sector lost 202,000 jobs. no one wants to say losing those jobs is a good thing, but compared to 700,000, viewers can make their own judgments. >> thank you, steve. >>> our reporters as usual are ready to go. bob pisani at the big board, and robert. >> futures did drop a bit. drop losses greater than antic
buying of u.s. securities, u.s. assets. 100.5 billion of u.s. treasuries in the month of june.. that's the latest we have. net buyers of $100 billion on treasury which is the number people hone in on in particular to see if there is an appetite for foreigners of u.s. debt. rick santelli will have more of them. oil prices though up. we wanted to highlight this on this down day. down 2%. we had been right around 65%. we're off the low of the session. none the less, this is concern about the economic recovery. and also, the new concern, it is the middle of august, mark. that's the heat of hurricane season. we're watching the radar closely. tropical storm claudette. remaining well clear of the gulf of mexico, as you can say the gulf of mexico not anywhere near the key oil installations. first hurricane of the season in the works. bill racing through the atlantic oceans towards the caribbean islands and expected to become strong. bill. >> is there -- there must be a different naming -- >> for boys and girls? >> i mean, claudette tape firca and bill came second? >> i don't know. investigat
for being here all week long. you're going to be here next week? >> just monday and tuesday. >> join us monday. "squawk on the street" is coming up next. >>> this is cnbc.com news now. >> consumer spending rose .2 of a percent in july aid bid the cash for clunkers program. personal income was unchanged. we'll get a reading in a little under an hour. tiffany shares are higher after the luxury retailer mentioned the latest earnings and raised forecast for the year. that's cnbc.com news now. we're first in business worldwide. i'm courtney reagan. >>> live from the financial capital of the world, this is "squawk on the street." good morning, everybody. i'm mark haines. markets looking for a higher open to end the week on upbeat results from dell and tiffany. the dow in particular poised to expand the winning streak to -- let's see, this would be nine sessions. its longest run since april 2007. >> i'm melissa francis. personal income and spending data canceling each other out this morning. spending edging higher with help from clunkers but income is a fuel for future spending, of course, wer
the gdp numbers look good for some time. >> guys, thanks for coming in and helping us out on a monday. of course, mandy is here all week long. make sure you join us tomorrow. tick army dick armey is onset. "squawk on the street" is next. >>> they confirmed they will sell their prescription business for $3.1 billion. most of the 2300 employees will keep their jobs. apple will start selling the latest update to its leopard operating system this friday. existing users will be able to upgrade to $29. retailer charlotte russe is being taken private. buying charlotte russe for $17.50 a share. 27% premium over friday's close. this is cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world, the heart of lower manhattan, this is "squawk on the street" on a monday morning in august. i'm erin burnett. my partner mark haines is here. he will be here in a moment. we had a modestly higher open on toop. for monday, near high for the session on futures. mary mentioned the hikes. the fed's jackson hole conference winding down. and everyone feeling pretty calm. at the s
in the fashion it used to be. we're in that process. i think these things are good things to have when the system is ready to fly on its own. >> i agree there's still a lot of fragilities out there. we can't forget that. there's green shoots but a lot of bullions. >> a few weeds in there as well. >> a few weeds, for sure. >> you'll come back? >> sure. >> kevin, as always, thanks. >> thanks for having me. >> join us tomorrow. "squawk on the street" is coming up next. >>> this is cnbc.com news now. >> durable goods orders rose 4.9% last month, the biggest rise in two years. it was also a larger jump than economists had forecast. shares of retailer william sonoma is considerably higher. mortgage applications rose 7 1/2% last week. that's a slight rise in mortgage rates during the week. that's cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world, this is little house on the street. i'm mark haines. >> we're going to start it out that way, are we? >> a volatile morning for your money. futures bouncing around, but -- >> how long were you waiting to let me have that o
15.1% for june from june a year ago. we have bob schiller with us as well as david blitzer with us to talk about those numbers in just a moment. >> number, futures have been rally, up 820 right now. what you see is what you get, worth about 60 on the dow. >> let's bring in our bernanke task force. john harwood and senior economic reporters steve liesmease phone. good to have everybody with us. what do you say rich, rich? i know there was an 80% chance that some sort of futures market that trades these sort of things that he would be renominated. was it the right thing? >> it has to be the right thing. there was really no other choice. you can't disrupt things politically in the middle of a situation that's still extremely tender and raw, certainly the employment situation, the global markets, there are a lot of issues to still be played out here and the most participant thing to remember is you don't change the general in the middle of the war or in the middle of the battle. it's still going on, there's great unwinding that we have to deal with and eventually, maybe three -- anothe
. in the earnings, aig up 17%. yesterday had good earnings report. first profit since 2007. they used the magic word, stabilize. some of their business has stabilized. equally important, the value of some of their assets showed some improvement. that's really good because that was a key factor in some of the speculation of traders this week. it may have been a big part of that short squeeze that we saw on wednesday in aig. david will have more on this in a few moments. cbs, it wasn't a great report. revenues down 11%. let's move, mundez is positive. some advertisers are slowly starting to return. that stock is going to open up this morning. finally, hold on to air gains this week. looks like we're adding to that right now. tradertalk.cnbc.com. mike huckman, how are we doing at the nasdaq? >> things perked up here on the back of the unemployment report. but we seem to be holding steady, up .8 of a percent. we still have earnings stories to talk about here at the nasdaq that are moving a handful of stocks in the premarket, at least. invidia up. sales in this quarter are going to be way better than ana
should put us out of our pain here. >> we are now in august. there is nothing no, new information as we begin between now and the time that the new chairman of the fed needs to be appointed. there is nothing to be gained by delaying it. if there is going to be a decision, why not remove that degree now. >> take a look at all the issues here that are on the play. bernanke's reappointment, exit strategy full of politics, as the fed gets out before the unemployment rate is down towards more normal leverage. fiscal deficit, how does the fed react when it comes to the money of treasury out there issuing. regulatory reform is on the table. and massive oversight bill in congress. on the economy, we talked to marty feldstein last night and he's optimistic but wondering about what comes next after that. and he's also very down beat on employment. >> the unemployment rate is going to continue to rise and employment is not doing well. we're seeing, continuing to see quarter of a million job loss every time they report a number. >> we'll be bringing you what the fed chairman says about the economy
. >> no, you are you won't. >> make sure you join us "squawk on the street" is coming up next. >>> it rose to a total of $558,000. economists had been looking for a slight drop. it fell shortfalling a tenth of a percent in july. down .6 of a percent when auto sales are excluded. >>> cautious comments from walmart which did beat estimates with the latest earnings. that's cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world, this is "squawk on the street." good morning, everybody, i'm mark haines. a mixed bag for your money, retail sales and jobless claims killing some of the early morning buzz getting ready to buy walmart, seemingly the only place people were shopping in july. we're still on track to open higher and potentially keep that summer rally rolling. >> good morning, mark. i'm erin burnett. the question we have today is what housing bottom realty track recording another record month for foreclosures. that is a problem that has not gone away. they jumped 7% from last month and 32% compared to a year ago. one in every 355 households with a mortgage
is joining us in london. good morning, martin. >> hey, erin, how are you doing? we're doing okay. we had two that you have been referencing, that is giving the market a pop. particularly the ftse. i want to check the numbers but i think that's an intraday high for 2009. what's driving it, as you might have anticipated, the banks are getting a nice bid this afternoon from quantitative easing from the bank of england to 235 billion in sterling. whether or not it was a surprise, they've been going around the united kingdom explaining what it means. that for me was a clear indication the bank was at least contemplating its engine tension. that's what they did. basic resources, utilities, europe is down but not by much. let me see if i can grab a ten-year yield chart. 3.75%. guilted rally quite strongly off the back of that. one thing i will say though, erin and mark, and i respectfully disagree with rick santelli. we have one long-term example in japan no, inflation. two short-term in the united states, inflation not a concern at all. >> okey-dokey. i'm down here on the floor with warren, the ha
. that does it for us. right now, it's time for "squawk on the street." >> live from the financial capital of the world, this is it, the one and only "squawk on the street." good morning, everybody. i'm mark haines. stocks open flat to maybe a little lower. federal reserve kicks off a two-day monetary policy meeting. >> good morning, everyone. i'm erin burnett, the fed likely to take into account second quarter productivity. we got those numbers just a few moments ago, it was the biggest 1yu6r7 in six year, labor costs plunging at the fastest pace in nine. >> sounds like they're laying off a lot of people and squeezing the rest. >> and capacity is, well, that a doozy of a thing for the feds. so we'll see what they make of it. but as mark said, futures rather now ticking lower. >> check it out. we're down 520 is what i've got here. so that one on your screen will change in a moment. and we get a break as we close almost three above fair value. we're not that far below fair value. 20 points on the dow maybe. >> let's get more on those productivity figures. senior economics reporter steve lie
us grow it into new mark zblets you got the can a seen and so then have you the real estate. are you like the government? >> i don't have health care. thank god. >> are you stretching too thin? >> no. everything i'm doing i think i'm -- you know, very focused on. i keep my priorities correct and the real estate is still my primary focus. i was part of the reason i brought andrea on to spearhead the growth of my jewelry venture which is a big part of what i do and an ancillary business. >> what do you think about real estate? when do you think we will see some sort of a turn? >> it is a great question. i think what i like that i'm seeing right now is the fact that the buyers come to the table are real buyers. you know, they -- some of them have already come six months ago, 12 months ago and offered some sort of ridiculously low price and we said no. and they tried again. we said no. you know, now they are coming back with realistic expectations of what sellers are willing to leave inventory for. i like that type of buyer. the people that come in to sales now are real and are motivated
better. that's why the dollar is moving lower. but think about it this way. if the u.s. has the biggest shelter for the crisis and everybody wants to come into our shelter and they're bringing food and water, that's a good thing, right? and when the crisis abates we don't need to be in our shelter, but leaving and taking their food and water. the dollar sponsorship during the time of crisis had an unintended positive consequence it drew in capital, it drew in sponsorship of the dollar. even though less crisis, less storm throughout is a good thing, the removal of investors from liking the dollar may have negative side consequences. the debate rages on, interest rates drifting just a little bit lower. mark haines, back to you. >> now to singapore with the asian market recap. >> initial boost of hoepts of a v-shaped recovery in the u.s. hsbc sharps climbed, beating analysts' forecast but the broader market ended lower on the property taking and shipping stocks. in japan, much action was driven by earnings. nikkei rose on the stellar farmer's surge. but shares of suzuki motor slid after re
. >> my pleasure. >> join us tomorrow. "squawk on the street" is coming up next. >>> this is cnbc.com news now. >> mcdonald's says worldwide sales rose 3.3% in july. comp store sales in the u.s. rose 2.6%. those are the numbers exceeded analyst's estimates. >>> financial times is reporting that u.s. banks will make more than $38.5 billion this year in overdraft fees, thanks to financially stretched consumers. >>> gmac is out. limited return to leasing on select vehicles. gm retreated from leasing prior to the bankruptcy filing. that's cnbc.com news now. i'm courtney reagan. >>> live from the financial capital of the world, this is it, you're here, "squawk on the street." good thing you made it because, boy, this is going to be some kind of day. good morning, everybody. i'm mark haines. monday morning, profit locking. putting the rally on pause. the s&p, 2.3% gain last week. it looks as if investors are happy with what they made and they want to maybe lock a little bit of it in. even oil hedging back below $71 a share.e. >> can you blame them psychologically speaking? >> no. >> good monday
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